"With the current hardships faced by many Hoosiers, any legislation that brings jobs to Indiana is one more opportunity to get Hoosiers back to work," Rep. Davis said. "I am pleased to see Muncie and Delaware County officials working to rebuild the area through jobs, economic development, and beautification." "To qualify as a CRED district, the former Borg Warner Plant had to be at least 1,000,000 square feet and have lost at least 700 jobs during the previous year. This announcement will jumpstart the Muncie community, which lost nearly 3,000 Hoosier jobs when the plant closed," Rep. Davis said. Businesses that participate in redevelopment efforts within a CRED can qualify for a tax credit up to 25 percent of their investment. In addition to the tax credit, the district's governing body can collect incremental state and local income taxes and sales tax that then can be used to redevelop properties and buildings in the area, improve streets, sidewalks and other infrastructure, improve buildings, and assist with environmental cleanups, beautification and other efforts. |
